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Miles Gooseman

Miles Gooseman’s professional experience in the financial industry spans over 13 years, where he specialises in wealth management, tax planning and providing comprehensive report based advice. He has a detail-oriented personality and technical ability that enables him to consistently provide transparent and ethical advice to his clients.

Miles is a Financial Consultant with The Fry Group Singapore, a holistic financial planning service that has been in practise for 117 years. He first started in June 2011, not only providing advice to investors but also conducting seminars and events on topical subjects of interest to clients in Singapore.

In 2014, he was awarded the British Chambers of Commerce Young Professional of the Year title at the 15th Annual Business Awards. He has also been recognised as Singapore's #1 Expatriate Financial Advisor for two consecutive years.

In addition to that, Miles was elected Co-Chairman of the Entrepreneur & Small Business Committee through the British Chamber of Commerce. He runs a committee of 10 members on a volunteer basis and since then has successfully grown the Chamber’s membership by over 400 new members. He is responsible for organising educational seminars for entrepreneurs, SME business groups as well as the monthly decision maker dinners.

Miles is interested in networking with like-minded entrepreneurs and industry leaders to share business experiences, strategies and trends. He believes in the power of building relationships and has believes in working with his clients with utmost honesty, transparency and trust.

The Fry Group

October 25, 2017

Golden Years Not So Golden for Some UK Expats


Retirement Planning Critical for UK Expats Looking to Stay in Asia

Asian based UK expats have a wide range of choices when it comes to retirement locations in the region. While those with a preference for Western socities would tend to drift towards Australia or New Zealand, Singapore and Hong Kong garner strong interest from the expat community as comfortable cities to live in. Malaysia, Thailand and Indonesia (especially Bali) remain strong contenders with their lower cost of living.

But for those who have contributed to the British state pension scheme over the years, living in these Asian locations will impact your pension payout. All the above countries are in the list of 150 countries where the UK has not done a deal to allow for the uprating or indexing of pension payouts. State pension payouts are adjusted annually and re-set based on the “triple lock” method. This method increases payouts based on the largest increase of any one of the following three: inflation, average earnings or 2.5%.

These increases apply to pension payouts for retirees in the UK and a handful of other countries that the UK has negotiated an agreement with like the US and Jamaica. Until Brexit, the EU was also included in these countries. But more than 150 countries are on a list where pension increases are frozen. This became one of the many issues that Brexit raised as over 350,000 British expats have retired in the EU. Early input on the Brexit negotiations indicates that the British government will agree not to freeze these pension benefits.

But this is little consolation to the 550,000 British expats living in “frozen” countries, the bulk of which are in Australia (250,000) or New Zealand (50,000). Despite decades of lobbying and some hope that the Brexit issue would provide relief, it looks increasingly likely that there will not be change for these retirees.

So if you were counting on your state pension to be a good chunk of your Asian retirement plan – think again

Living on the current full state pension payout of £159.55 a week is not overly realistic for many Asia destinations but a full payout with uprating (indexing) would be a healthy chunk. Destinations like Australia, New Zealand, Singapore or Hong Kong would certainly require a much larger nest egg.

In the past, state retirement schemes were augmented with generous employer based retirement benefits. Over the last few decades, many of these private sector retirement benefits have been greatly scaled back. Many companies now offer only defined contribution plans instead of the more lucrative and predictable defined benefit plans of the past.

Additionally, today’s fluid job market sees many expat managers and executives change geographic locations as well as companies over the course of their careers. Depending on the country and the type of package the expat is on will impact the retirement plan if any. In many Asian locations, there might be no retirement program at all and if there is, it might not be mobile, so if the expat moves, the benefit is lost.

If you are counting on your employer to take care of your retirement – you will be disappointed

This shifts the burden onto the UK expat to plan for themselves and hopefully find a solid mix of state pension plus employer based benefits plus a well thought out savings plan. This requires professional planning and the earlier the expat starts, the better. Key issues will arise over: how much money is needed at retirement? How much money needs to be saved? How and where to invest my money?

Asian based UK expats will also need to consider where they intend to retire and how the cost of living in the destination will impact their financial retirement needs. Other issues like finding adequate returns on investments, assessing risk and assessing tax and foreign currency (FX) implications will be extremely important. A close eye will also need to be kept on local and global regulatory changes as what is legal today might not be legal tomorrow.

If you are not planning with a professional – good luck

Many expats who have lived overseas for many years and in many cases have raised their families in Asia logically want to retire there. This could be the home base of the children and grandchildren and in some cases, might offer a lower cost of living than moving back to the UK. But long before retirement, solid financial planning will be needed to ensure that adequate funds are available to make:

Your “Golden Years Truly Golden” 

*Please note this article does not constitute financial advice and past performance is no guarantee of future performance.

New to the country and exploring investment options? Why not check our list of Viable Investments for Expats in Singapore.



Miles Gooseman is a Financial Consultant with The Fry Group Singapore. He has lived and worked in Asia since 2011 where he has won multiple awards for his role in providing wealth management, tax planning and financial advice.

Read more about Miles on his author bio page and to connect with his social profiles or email him at



Business Lifestyle Singapore